Economic Indicators and the Business Cycle
Which economic indicator is measured by the Consumer Price Index (CPI)?
Inflation
During the holiday season, airline ticket prices increase significantly even though airlines are not adding more flights. Which economic principle BEST explains this price increase?
Demand is increasing but supply stays the same
The organizing of other factors of production and the willingness to take risks in starting a business is most closely related to this factor of production:
Entrepreneurship
Why is understanding the difference between needs and wants considered a core financial skill?
It helps you make better decisions and develop stronger financial habits for the future
Name one of the clubs that met today
TSA, Educators Rising, Battle of the Books, and Debate
True or False: Inflation tends to peak during periods of rapid economic expansion
True
New agricultural technology allows farmers to grow twice as many tomatoes using the same resources. What is the MOST likely outcome regarding price of tomatoes and demand based on supply and demand principles?
Tomato supply will rise, tomato prices will fall. Tomato demand will rise as well as we reach a new market equilibrium
A timber company harvests trees from a forest to produce lumber. In this scenario, the forest represents which factor of production?
Land
When making a financially responsible decision between two wants, which factors should you consider according to the presentation?
What you value the most, short term value, and long term value
Heads or Tails?
Tails
Which indicator tracks the percentage of those who are unemployed but actively seeking work
Unemployment rate
A popular video game console is released with massive consumer interest, but the manufacturer can only produce 1 million units in the first month while 5 million people want to buy it. What will happen to the price, and why?
Prices will rise because demand exceeds supply, creating a shortage
Why does education and training increase a worker's human capital?
It enhances their skills and creativity making them more valuable
Which question should you ask yourself to distinguish between a need and a want?
Can I survive and stay healthy without this?
Yes or no?
Yes
Two consecutive quarters with a falling GDP is the criteria for which type of economic activity?
Recession
(Blank) is the condition where the quantity consumers want to buy exactly equals the quantity producers want to sell at that price. (Hint: it's two words)
Market Equilibrium
A restaurant owner identifies a gap in the market for healthy fast food, she develops a new menu, and invests her savings to open the business. Which factor of production is she primarily demonstrating?
Entrepreneurship
Is eating at a restaurant a necessity?
No, needing to eat and wanting to eat at a restaurant are two different things
Is today an Odd or Even day?
Odd
This type economic condition is characterized by severe unemployment, with severe and prolonged economic downturn. It's like a recession but worse
Depression
Suprise! Free 500 points for the team that picked this question. Everyone else gets 300
Lol
A student has $50 and must choose between buying a new video game or concert tickets. If she buys the concert tickets, what economic principle explains why she cannot also have the video game?
Her limited resources force her to make a trade off
A student has $65 and must choose between rollerblades on sale for $65 or a movie with friends for $20. What is the opportunity cost if the student chooses the rollerblades? (Think both financial cost and personal experience)
The movie experience with friends plus the $45 he would have saved if he went to the movies instead of buying the rollerblades
What was for lunch today in the cafeteria?
Buffalo chicken dip, cheeseburgers, corn dogs, or pizza sticks